The Gender Wage Gap Might Ruin The U.S. Economy
Just ahead of Equal Pay Day (April 12) Carolyn B. Maloney (D-N.Y.), ranking member of the U.S. Congress Joint Economic Committee (JEC) released a new report that takes another hard look at the gender pay gap and its long-term effects on women, their families, and the economy.
Although the study found that the wage gap between men’s and women’s median earnings has closed substantially since the 1960s when women were just starting to enter the workforce in large numbers, the report indicates that at the current rate of change, the gender pay gap will not close until 2059. Until it does, a woman working full time, year-round, earns $10,800 less per year than a man, based on median annual earnings. This adds up to nearly a half million dollars over a career.